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talkpoliticsI caught CNN the other morning and they had a special on this film
I.O.U.S.A. The Movie
short version on youtube as well.
http://www.youtube.com/watch?v=O_TjBNjc9Bo
I was wondering if anyone else had seen this film and what they thought. I'm not an economist I just know if this is how I spent money I'd be up shit creek. Then again I'm not a sovereign nation either. This was made two years ago, and it looks pretty damning, but is it manipulation of numbers and pretty charts and graphs? This was before a lot of shit went down and that big healthcare bill got passed... Starting at the 26 minute mark kinda sums up what the issues are going to be.
Although this was a good sign to me, Consumer debt falls by $11.5 billion in February
WASHINGTON (MarketWatch) - U.S. households paid down their debts in February for the 15th time in the past 17 months, the Federal Reserve reported... Outstanding consumer credit dropped by $11.5 billion, or a 5.6% annual rate, to $2.45 trillion in February following an upwardly revised $10.6 billion increase in January. Debts had declined for 12 straight months before January's increase and are down 5.2% from the peak in July 2008.
In February, revolving credit, such as credit cards, declined by $9.4 billion, or a 13.1% annual pace, to $858.1 billion. It's the third largest decline in revolving credit in the past 32 years. Read more on the Fed's website.
Non-revolving credit, such as auto loans, student loans and personal loans, fell by $2.1 billion, or a 1.6% annual rate, to $1.59 trillion in February.
although apparently its not all because we are actually saving monies and paying bills some of it is because agencies are just writing off bad debt as uncollectable
Outstanding debts can fall because consumers paid back more than they borrowed or because lenders wrote down the debt as uncollectable. Both factors have been important in the decline since the summer of 2008.
Like i said i'm not economist, i'd like to hear from people smarter then me in this area, right now it looks to me like this is untenable, we can't keep doing what we are doing now somethings got to change higher taxes, less benefits or a mix of both. Personally i could do away with the "benefits".
also is it just me or is Sarah Palin getting hotter
I.O.U.S.A. The Movie
I.O.U.S.A. – the 30-Minute Version from IOUSA the Movie on Vimeo.
short version on youtube as well.
http://www.youtube.com/watch?v=O_TjBNjc9Bo
I was wondering if anyone else had seen this film and what they thought. I'm not an economist I just know if this is how I spent money I'd be up shit creek. Then again I'm not a sovereign nation either. This was made two years ago, and it looks pretty damning, but is it manipulation of numbers and pretty charts and graphs? This was before a lot of shit went down and that big healthcare bill got passed... Starting at the 26 minute mark kinda sums up what the issues are going to be.
Although this was a good sign to me, Consumer debt falls by $11.5 billion in February
WASHINGTON (MarketWatch) - U.S. households paid down their debts in February for the 15th time in the past 17 months, the Federal Reserve reported... Outstanding consumer credit dropped by $11.5 billion, or a 5.6% annual rate, to $2.45 trillion in February following an upwardly revised $10.6 billion increase in January. Debts had declined for 12 straight months before January's increase and are down 5.2% from the peak in July 2008.
In February, revolving credit, such as credit cards, declined by $9.4 billion, or a 13.1% annual pace, to $858.1 billion. It's the third largest decline in revolving credit in the past 32 years. Read more on the Fed's website.
Non-revolving credit, such as auto loans, student loans and personal loans, fell by $2.1 billion, or a 1.6% annual rate, to $1.59 trillion in February.
although apparently its not all because we are actually saving monies and paying bills some of it is because agencies are just writing off bad debt as uncollectable
Outstanding debts can fall because consumers paid back more than they borrowed or because lenders wrote down the debt as uncollectable. Both factors have been important in the decline since the summer of 2008.
Like i said i'm not economist, i'd like to hear from people smarter then me in this area, right now it looks to me like this is untenable, we can't keep doing what we are doing now somethings got to change higher taxes, less benefits or a mix of both. Personally i could do away with the "benefits".
also is it just me or is Sarah Palin getting hotter
(no subject)
Date: 12/4/10 00:26 (UTC)I didn't go online and corroborate the facts, but the picture they paint is VERY grim.
(no subject)
Date: 12/4/10 03:18 (UTC)yea the picture painted was grim in 2008 before everything thats been going on i'd hate to see what it looks now. i'm wondering if this is a lot of hyperbole and if not is there anything realistic we can do about it.
(no subject)
Date: 12/4/10 08:21 (UTC)Two ways the government can cut its debt:
1) Decrease spending (good luck with that, although wrapping up the current wars *should* alleviate the problem)
2) Increase taxes (even better luck with that!)
At the federal level I'd honestly try and find a way to hold the states more accountable. California is bankrupt, largely thanks to its own wonderful ideas, and so the Federal government has to allot more and more money to various programs within the state. So it's now a state's issue anymore, but a country's issue.
Also need to boost morale, so to speak, and be very clear to the public. War bonds were a remarkable success during WWII because people actually felt motivated. Nowadays if a commercial aired on TV saying "Fellow Americans, please donate to the debt relief fund" I'm sure the great majority of the people would sneer at it.